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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 06 DEC 2018

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Gold inches higher as dollar dips amid risk aversion.

U.S. stock futures tumbled on Thursday and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States. MKTS/GLOB The dollar, which has enjoyed an unrivalled surge against its peers this year, will be undermined in 2019 on increasing concerns about slowing U.S. economic growth, a Reuters poll of foreign exchange strategists showed. Tariff-driven price increases have spread more broadly through the U.S. economy, though on balance inflation has risen at a modest pace in most parts of the country, the Federal Reserve said on Wednesday in its latest report on the economy. China expressed confidence on Wednesday that it can reach a trade deal with the United States, a sentiment echoed by U.S. President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences.

In the physical market, sellers were reluctant to offload cargoes and these tightened supplies across the market.

London copper rebounded to close at $6,193.5/mt overnight as shorts cut their bets after the contract fell to a low of $6,158.5/mt. LME copper snapped a four-day losing streak and came under pressure at the five- and 10-day moving averages. With a lower open, the SHFE 1902 contract fluctuated to close at 49,310 yuan/mt overnight. This lowered it below all short-term moving averages and the middle Bollinger band. Open interest for the SHFE copper complex decreased below 500,000 lots, reflecting limited confidence among investors. LME copper is expected to trade at $6,140-6,190/mt today with the SHFE 1902 contract at 49,100-49,400 yuan/mt. Spot premiums are seen at 130-300 yuan/mt. In the physical market, sellers were reluctant to offload cargoes and these tightened supplies across the market.

Investors remained cautious on lingering concerns over US-China trade.

London nickel rebounded from earlier lows and closed at $11,220/mt overnight. After initially falling to a low of 90,250 yuan/mt, the SHFE 1901 contract clawed back losses and ended at 91,250 yuan/mt overnight. Investors remained cautious on lingering concerns over US-China trade. LME nickel is likely to hover around at $11,100/mt today with the SHFE 1901 contract at 90,000-91,500 yuan/mt. Spot prices are seen at 90,500-99,000 yuan/mt.

Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting.

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy. Led by Saudi Arabia, OPEC’s crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd). Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption. PRODN-TOTAL C-RU-OUT C-OUT-T-EIA.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 31400
RESIST 1: 31300
SUP 1: 31100
SUP 2: 30000

CS SILVER (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 37700
RESIST 1: 37500
SUP 1: 37200
SUP 2: 37000

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:446.00
RESIST 1:442.00
SUP 1: 434.00
SUP 2: 430.00

CS NICKEL (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 800.00
RESIST 1: 790.00
SUP 1: 780.00
SUP 2: 770.00

CS ZINC (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:190.00
RESIST 1:188.00
SUP 1: 185.00
SUP 2: 183.00

CS LEAD (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00

CS ALUMINIUM (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 140.50
SUP 1: 139.00
SUP 2: 138.00

Energies

CS CRUDE OIL (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 3850
RESIST 1: 3800
SUP 1: 3750
SUP 2: 3700

CS NATURAL GAS (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 325.00
RESIST 1: 320.00
SUP 1: 315.00
SUP 2: 310.00

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